Automotive actuators market to reach US$9.56 billion by 2022

According to Stratistics MRC, the Global Automotive Actuators market is accounted for $4.54 billion in 2015 and is expected to reach $9.56 billion by 2022 growing at a CAGR of 11.2%. 

 

Reduction of emissions, fuel consumption, engine downsizing trends and stringent government regulations are some of the major factors that are driving the market growth. Moreover rapidly growing population and consequent hike in the vehicle owning households has been raising the demand for fuel efficient vehicles which in turn are fuelling the market growth.

 

The growing demand for fuel-efficient vehicles is set to trigger the growth of automotive actuators in light and heavy vehicles segment in vehicle type. However Asia Pacific region is registering the highest demand for actuators due to the rising demand for fuel-efficient vehicles and the increasing production volume of passenger cars.